This study was designed to assess whether changes in stakeholders' perceptions about the value generated by an institution might influence the nature of their engagement with it. Quantitative and qualitative analysis of research data revealed a positive correlation between stakeholders who believed an institution generated social or economic value and those who had higher levels of involvement with it. The results also indicated that the nature of this stakeholder engagement with the institution would change if their perceptions were altered regarding the value it generated. These important new insights fill a gap in institutional-stakeholder engagement theory and can help inform leaders as they consider engagement strategies.